Demand for Personalized Medicines Market to Increase as Patients Become Wary of Adverse Effects of Prescription Drugs, Says TMR

The advent of novel technologies and overhaul of the existing ones have been crucial in boosting the global personalized medicines market. In a report, titled “Personalized Medicines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023,” Transparency Market Research (TMR) provides a holistic overview of the various factors fuelling demand for personalized medicines.

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The launch of technologies such as gene therapies, which use pills for cancer treatment and NanoVelcro chip devices is likely boost consumer base for personalized medicines thus stimulating the market’s growth. The introduction of personalized medicines has fuelled the possibility of healthcare profits, improved clinical results, and ensured better patient safety. The growing awareness about such benefits offered by personalized medicines will increase their demand in the forthcoming years.

In the last few years personalized medicines have penetrated into cost-effective treatments and have helped eliminate overspending on cancer treatment. This factor has catapulted personalized medicines at the forefront of the healthcare and pharmaceutical industry. The market is also gaining traction from the increasing demand for early diagnosis of ailments, awareness regarding adverse reaction of prescription drugs, and changing trends in patient compliance.

Furthermore, the rising demand for these medicines is creating growth opportunities for small to medium sized enterprises. Therefore, companies aiming to expand their footprint around the world are significantly capitalizing on the launch of personalized medicines. These factors are crucial in accelerating demand from the market. On the flip side the use of personalized medicines is yet to pace up in clinical applications and biomedical research. This however limits the market’s growth to an extent.

Exhibiting robust uptake of personalized medicines, North America emerged as the dominant regional market in 2015. The region has been at the fore of several research activities on human DNA by numerous biotechnology companies. This is a key factor boosting the market for personalized medicines in North America. In addition, the region is witnessing a high incidence of cardiovascular diseases and cancer, which further drives the North America personalized medicines market.

Europe follows North America in terms of exhibiting growth opportunities for the personalized medicines market. The continuous efforts by government and private research institutes in the region to find effective treatment and cure for cardiovascular ailments, neurodegenerative disorders, and cancer have been fuelling prospects for the personalized medicines market in Europe.

Since personalized medicines provide safer and cost-effective treatment options their demand in Asia Pacific is poised to surge exponentially in the forthcoming years.

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To study the prevailing vendor landscape in the global personalized medicines market, companies such as Abbott Molecular, Inc., Bayer HealthCare Pharmaceuticals, Celera Diagnostics, IRIS Personalized Medicine, Decode Genetics, Macrogen, Inc., Bristol-Myers Squibb, Hologic, Inc., Cepheid, Curagen Corp., Dako Denmark A/S, Rosetta Genomics Ltd., Exagen DiagnosticsExact Sciences Corp. and others have been profiled in the report.

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This release was published on openPR.